Pasadena Real Estate

Last week, I had the opportunity to tour 1649 Lombardy Road in Pasadena California.  This gracious home resides among the Pasadena estates that are minutes from the Huntington Library in San Marino and CalTech in Pasadena.

Wallace Neff, the architect known for developing the "California" style of homes excelled himself when he designed this estate in 1924.  Since then, this luxury home has been tastefully renovated and is now waiting for a new owner.

READ MORE:  Top 10 Luxury Estates sold in Pasadena in 2009

Estate Property Details:

5 Bedrooms and 6 Baths

House was measured to be over 7,300 sq. ft. per agent's brochure

Lot size is 23,425 per assessor

Formal Dining Room

Amazing Great Room with an Open Kitchen

Game Room

3 Car Garage

Zoned HVAC System

Double Gated Driveway

and much, much more...

 

As you walk through this home, the attention to detail and the use of materials throughout is breathtaking.  Take a look at some of these photos, courtesy of Laurie March.

Peace and tranquility with lush landscaping and use of wood floors throughout...

Library/Ofice... love the nook for the books and tons of light through the windows.

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http://www.pasadenacarealestatehomes.com/00A71B

San Marino and foreclosures are not synonymous.  There were only 2 bank owned homes in San Marino last year.  Well, we have a new one on the market now.

2810 Lombardy Road in San Marino was auctioned off on November 6th 2009 and reverted to Index West LLC when there were no takers.  It is now listed in the Multiple Listing Service for $1,550,000 and is the first San Marino foreclosure for 2010.

This home features 4 bedrooms and 3 baths and is listed by the tax assessor to have 2,839 square feet.  It sits on a 12,000+ sq. ft. lot.  I have not had an opportunity to drive by and take a look at the property, but as soon as I do, I'll post some pictures.

So... how did this foreclosure happen?  What is the story behind this foreclosure home?  Let's take a look here:

September 2005:  Home purchased for $1,220,000.  The home buyers put a 30% down payment and financed the difference with a $854,000 loan.

July 2006:  Home owners took out an equity loan of $150,000

February 2007:  Home owners refinanced their loans to combine into one - $1,000,000 trust deed.

August 2007:  a 2nd loan was obtained for $500,000.

Fast forward to December of 2008:

Notice of Default filed by the Trustee on 12/12/08

Notice of Trustee Sale was filed on 3/23/09

Actual Auction Sales date was on 11/6/2009

It took the bank 2.5 months to actually list the property for sale.  Information on the listing is at the bottom of this post for your review.

In the meantime, let's take a look at how San Marino may be affected by foreclosures in the upcoming months:

There are currently, 3 homes slated to go to auction between now and the end of February and 5 San Marino homes are in pre-foreclosure process with Notices of Default already filed.

Unfortunately, San Marino is also beginning to feel the pain of this market place.  

READ MORE:  Pasadena Foreclosures - What Can We Expect in 2010 

Search all San Marino Homes for Sale here.

Search all Foreclosures here

If you are interested in seeing this home or getting information on upcoming foreclosures in San Marino, give us a call.  If you are a home owner in distress and need help in negotiating with your bank(s), let us know, we might be able to help.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

http://www.pasadenacarealestatehomes.com/00A5BD

There's a lot of talk about the "shadow foreclosure inventory" across the country - homes that are in the pipeline for a foreclosure or have been foreclosed by the bank, but not released or listed on the real estate market and are not part of the existing inventory.

On December 17, 2009, Bloomberg reported:

 

The number of homes that may be in the pipeline for a sale because of foreclosure and delinquency climbed about 55 percent to 1.7 million at the end of September, according to estimates by First American CoreLogic.

 

We are constantly getting calls from home buyers asking about available foreclosures in Pasadena California.  Unfortunately, the volume has been pretty darn low.  Almost nothing to choose from.  If a nice REO home comes up on the market, it is sold (usually with multiple offers) immediately.

Let's take a look at the actual REO (foreclosure) inventory in Pasadena:

Single Family Homes available for sale - 9

Condos available for sale - 4

Townhomes available for sale - 3

 

As you can see the foreclosure count above is pretty miserable compared to the overall inventory of Pasadena homes available for sale:

Single Family Homes available for sale - 203

Condos available for sale - 152

Townhomes available for sale - 50

 

But, are we sitting on a ton of "shadow" foreclosure inventory?  When will these REOs be released?  How will that inventory affect the current Pasadena home prices? 

Let's look at some hard data as of January 10, 2010

Bank Owned Homes in Pasadena:  88 total

Since we know that only 16 REO homes are actually listed for sale, the other 72 are MIA.  That's 82% of foreclosures that are sitting on lender books waiting to hit our real estate market.  That's also approximately 16% of additional inventory to the existing listing inventory.  Here's the break down:

Single Family - 53 homes

Condos and Townhomes - 35

Read More:  See Pasadena Foreclosure List of Properties

Number of Pasadena home owners who received Notices of Default (NODs): 206

To receive a Notice of Default, otherwise known as NOD, a home owner has to be behind on their payments.  They usually would have missed at least 3 payments and the Notice of Default is the beginning of a foreclosure process.  Here's the break down:

Single Family - 143

Condos and Townhomes - 63

Number of Pasadena home owners with Auction Dates already scheduled:  298

Most of these homes will be auctioned off in January or early February unless the home owners are able to either get current on their mortgage, negotiate a short sale with the bank, or get the bank to postpone the auction date. 

Single Family -232

Condos and Townhomes - 66

Read More:  It's all about forgiveness!  Understand the short sale process

It's interesting to note that only a few of these home owners are trying to negotiate a short sale with their lender.  Only 9 condo/townhomes are listed for sale as short sale and 30 single family homes. 

As you can see, we will definitely be seeing quite a few foreclosures on the Pasadena real estate horizon.  When will they hit?  I don't know.  We've seen continuous efforts by the government to help home owners hold on to their homes including lender moratoriums delaying the foreclosure process.  Unfortunately, that is not helping the majority of Pasadena property owners who are in trouble.

If you are a Pasadena home buyer, 2010 will be a year of opportunity.

If you are a home owner who is in trouble and is in jeopardy of losing your home, don't wait for the bank to foreclose.  A short sale is a much better option.  Give us a call for a free consultation and we'll try to help.

To see how your neighborhood is affected by foreclosure, take a look at our FREE foreclosure neighborhood data and analysis tool here.

Additional Reading:  2009 Real Estate Home Sales Recap and 2010 Pasadena Real Estate Forecast

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

 

http://www.pasadenacarealestatehomes.com/00A5A3

As the 2009 is coming to a close, I thought that it would be interesting to compare November 2008 to November 2009 real estate statistics for Pasadena California.

Some Highlights:

• It was interesting to note that the number of homes sold in all categories was significantly higher last month vs. a year ago.  The overall Pasadena real estate inventory was lower, thus the reduction in the number of weeks of inventory on the market.
• There was a significant drop in new listings for both townhomes and condos in November 2009.  Single family homes remain consistent in about 50+ Pasadena homes listed in November.
• The price per square foot dropped significantly for single family homes - 9% lower than in 2008.  Townhomes have dropped from $426 to $397.  Pasadena condos remain at $377 per sq. ft.

Single Family Residence	Nov-08	Nov-09
New Listings	56	53
Total Listings	261	226
Sales Pending	29	67
Homes Sold	42	69
Listings Expired	53	36
Average Days on the Market	115	67
Average Price Per Sq. Ft.	$402	$368
Median Selling Price	$445,750	$620,000
Average Selling Price	$699,591	$714,001
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.9	14.2
Condos	Nov-08	Nov-09
New Listings	39	24
Total Listings	159	172
Sales Pending	7	35
Condos Sold	17	29
Listings Expired	27	17
Average Days on the Market	110	86
Average Price Per Sq. Ft.	$377	$377
Median Selling Price	$455,000	$485,000
Average Selling Price	$428,641	$491,121
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	40.5	25.7
Townhomes	Nov-08	Nov-09
New Listings	27	14
Total Listings	68	67
Sales Pending	10	23
Townhomes Sold	5	15
Listings Expired	5	4
Average Days on the Market	36	59
Average Price Per Sq. Ft.	$426	$397
Median Selling Price	$ 575,000	$520,000
Average Selling Price	$ 604,600	$539,267
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	58.9	19.4

Take a look at the inventory of homes for sale vs sold below. The number of available Pasadena homes for sale has decreased by over 50% from September 2008 to November 2009.

 

Also, an intersting chart below graphing the number of newly listed homes in Pasadena to the number of closed sales. November usually seeing the end of year slow down had a spur of sales this year most likely driven by the tax credit and low interst rates.

Pasadena Homes for Sale:

The feeds below are direct from the Multiple Listing Service

Pasadena Homes for Sale $300,000 to $400,000

Pasadena Homes for Sale $400,000 to $500,000

Pasadena Homes for Sale $500,000 to $600,000

Pasadena Homes for Sale $600,000 to $700,000

Pasadena Homes for Sale $700,000 to $800,000

Pasadena Homes for Sale $800,000 to $900,000

Pasadena Homes for Sale $900,000 to $1,000,000

Pasadena Homes for Sale $1,000,000 to $1,200,000

Pasadena Homes for Sale $1,200,000 to $1,400,000

Pasadena Homes for Sale $1,400,000 to $1,600,000

Pasadena Homes for Sale $1,600,000 to $1,800,000

Pasadena Homes for Sale $1,800,000 to $2,000,000

Pasadena Homes for Sale $2,000,000 to $2,500,000

Pasadena Homes for Sale $2,500,000 to $3,000,000

Pasadena Homes for Sale over $3,000,000

 

Pasadena Condos and Townhomes for Sale:

Pasadena Condos and Townhomes for Sale under $300,000

Pasadena Condos and Townhomes for Sale $300,000 to $400,000

Pasadena Condos and Townhomes for Sale $400,000 to $500,000

Pasadena Condos and Townomes for Sale $500,000 to $600,000

Pasadena Condos and Townhomes for Sale $600,000 to $700,000

Pasadena Condos and Townhomes for Sale $700,000 to $800,000

Pasadena Condos and Townhomes for Sale $800,000 to $900,000

Pasadena Condos and Townhomes for Sale $900,000 to $1,000,000

Pasadena Condos and Townhomes for Sale $1,000,000 to $1,200,000

Pasadena Condos and Townhomes for Sale $1,200,000 to $1,400,000

Pasadena Condos and Townhomes for Sale over $1,400,000

To search for your new Pasadena home, and all other homes available in the Greater Los Angeles area please visit Search MLS for FREE.  

If you are thinking of buying or selling your Pasadena home, condo or townhome and would like a free comprehensive consulation. We'd love to meet with you! We can be reached at 626-629-VIEW(8439).

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW (8439)

http://www.pasadenacarealestatehomes.com/00A544

This year, many calls and emails from potential home buyers came in about short sales and foreclosure homes in South Pasadena; every one is looking for that "Real Estate DEAL"! As we begin to evaluate the year that is coming to a close and look ahead for the goals of 2010, for many home ownwership will be at the top of the list. Don't limit your possiblities to foreclosure homes and short sales!

There are South Pasadena homes and condos for sale now that could be purchased for pretty good prices. And... when you are not dealing with banks, but are negotiating directly with home sellers, you can ask for concessions.  For example, wouldn't it be nice to have the home seller buy down your interest rate to make your monthly payment lower?

A great place to start would be with homes, condominiums and townhouses that have been on the market for several months. Most home sellers at this point have either adjusted their home price or are open to negotiation. The houses below have been on the market for over 100 days (over 3 months!). There could be some pretty good deals hiding in there and incentives! With the first time home buyer tax credit still available through April of 2010, why not make your new home dreams a reality! We call them Dusty Deals™!

Here is our Dusty Deals™ list for South Pasadena, California - Find your South Pasadena home:

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http://www.pasadenacarealestatehomes.com/00A4FB